Will it end in BR ?

smallperson_2

Hi

I have been told to post my problem up here as I have had advice from the debt free wannabe's and mortgage peeps too....

My Fixed Rate mortgage comes to an end May 09, now I appreciate that is some time away but I want to be prepared for the worst. I have a secured loan with first plus (yep I am one of this idiots who took a loan with them).

I have these problems:

my fixed rate ends in May 2009
I have a secured loan
Adding all the figures I am in negative equity due to the secured loan


What options do I have, I dont think anyone is going to want to take us on but I cannot afford to pay the mortgage when it goes to a variable rate, it will go up by nearly £300 per month.

I am also on a debt management plan for unsecured debts.

I really need help, I am stressed out to the max, I am trying to remain calm, focused but I dont see a way out and I am really worried I am going to lose my house. I have just had a baby too and I dont want to jeapordise anything.

I really need some help and advice as to next steps, I do have my debt mgt company calling me about a mortgage but I hope I am not a lost cause. I am also worried that First plus wont allow me to move mortgages (they didnt last time as they said I hadnt paid them enough) BUT the northern Rock situtation isnt my fault this time.

can anyone put me in contact with someone who can help me with advice on possible bankruptcy, I DONT want to go down that route but I am keen to understand what options there are to us really, I dont want to lose my home.

k2nga

I think you should give one of the charities a call like CCCS or National Debtline as they will give you some great advice and they will give advice on options that you may have availible to you.

smallperson_2

Will do thx

maxmycardagain

"Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

how so very true..............

smallperson_2

it may be true but when your in a situation like me you look for advice that would help me resolve the problem !

peb

I do not know who your current DMP is with; is it CCCS/Payplan or one you pay a fee to? If it is the latter then please do speak to one of the free agencies to see if they can assist; in any event see if it is realistic option to bring your payments down. They may also say you would be better Bankrupt. You are worriing about events which may take place in a years time - I know it is easy to say but try not to worry. You may be able to manage if interest rates come down and you are paying less on a DMP.

If you are in negative equiyty and go BR you may be able to buy your beneficial interest but if so you will have to continue making payments on your mortgage and secured loan.

dancingfairy

I think it is good to plan for the future but worrying is not going to help. (hark at me- I should take my own advice). Anyway obviously things are unsettled at home with having a new baby etc so I am guessing sleep is at a premium and you probably arn't thinking too straight right now.

It is almost a year away - you may have an increase in your income? are you or your partner going back to work after the little one? things can change an awful lot in a years time. IF you find your mortgage has gone up then you may be able to pay less to your DMP (it is meant to be flexible) if things are beyond your control (which clearly mortgage rates rising would be). Would check with your dmp provider.

Take some time out and spend time with your little one and try not to worry too much. The agencies out there should be able to give you some advice to put your mind at rest.
df

smallperson_2

peb & Dancing fairy....THANK U, your kind words & advice mean alot. I have a call with payplan on monday, i am going to enjoy my weekend with a large glass of wine !! DF, yes sleep is at a premium which doesnt help !

enjoy your weekends